A strong bullish trend has developed on the 1-hour chart of USD/CAD, which is underscored by its timely yet shallow retracements. It's found support along the 10-bar EMA to show bullish momentum is increasing and the OBV (on balance volume) is trending higher with prices.
A retracement has also found support around the weekly R1 pivot and the high of a prior bullish engulfing candle, whilst holding above the daily pivot point.
The bias is bullish above the daily pivot and for a rally towards 1.3700, with the daily R1` and weekly R2 pivot providing potential targets for bulls just below 1.3700.
A retracement has also found support around the weekly R1 pivot and the high of a prior bullish engulfing candle, whilst holding above the daily pivot point.
The bias is bullish above the daily pivot and for a rally towards 1.3700, with the daily R1` and weekly R2 pivot providing potential targets for bulls just below 1.3700.
